29 CFR 541.101
§ 541.101 Business owner.
United States · 29 CFR — Labor · Status: effective
Cite this
- Citation
- 29 CFR 541.101, § 541.101 Business owner, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/125660
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Full text
The term “employee employed in a bona fide executive capacity” in section 13(a)(1) of the Act also includes any employee who owns at least a bona fide 20-percent equity interest in the enterprise in which the employee is employed, regardless of whether the business is a corporate or other type of organization, and who is actively engaged in its management. The term “management” is defined in § 541.102. The requirements of Subpart G (salary requirements) of this part do not apply to the business owners described in this section.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.